Wall Streets incredible volatility continued today with the Dow rising 494 points. Why? It didn't rise because of better unemployment numbers, better economic indicators, an improvement in the housing market, or even a change in the value of the dollar. So what was it? Obama announced today that he will nominate New York Federal Bank President Timothy Geithner as his new Treasury secretary. It was this announcement that seemed to prompt the rally. Investor confidence has lessened to the point that any glimmer of hope seems to bring about short term gain. This just goes to show how little confidence people really have in our current administration. Even this small hint of intelligent change brought about positive result on Wall Street. When investigators wake up on Monday and realize that the Bush administration hasn't changed, who knows what’s going to happen. I wish I could be more optimistic.
For more info:
http://money.cnn.com/2008/11/21/markets/markets_newyork/index.htm?postversion=2008112118
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8 comments:
I don't get whats going on on wallstreet at all right now, its basically been bipolar the past year. And also the fuel prices, they're 4 dollars a gallon and now 2.16 and then next week theyll be at almost 5 and then 3 the next.
Hopefully all the investors in the stock marcket see the light at the end of the tunnel since Bush's term is ALMOST over. Plus with the holiday season, the economy should kind of improve a tad, since people will be buying more whether they can afford it or not.
It would be really depressing if Obama's first 100 days or 6 monthes even saw little change. I think that would spark BAD things, like crazies in the street bad.
The economy keeps on fluctuating, it's crazy!!! It's only a matter of time before Noah's bagels go out of business and I lose my job!!! AHHHHHHH!!!!
But seriously, I think Obama is smart enough to figure out how to solve this finanacial crisis. We just have to be patient. Fixing this problem takes months, even years, not just days.
I agree with mr. fuentes on the bottom being unpredictable in time, but the bottom has to be an absolute number. i don'tthink that the number can be past zero. I would find it hard to imagine that people holding stock end up owing other people money.
We all have to have faith that the new administration learns from the previous one, but that is an ideological point of view, but there has to be somebody out there that has the solution to the economic crisis, just hope the come out fast enough.
We all knew that the financial crisis would not just right itself right away, but we need to put our faith in our new president-elect and the bailout plan that the leaders of our country think will help. We also have to trust Obama's choice to make Timothy Geithner the new Treasury Secretary, which I think was a very good thing, since it brought Dow up above 8,000, which would have been a nightmare three months ago, but was a relief for Americans who have watched their investments and retirement savings drain away with alarming speed.
~Kimiya Bahmanyar
Let's not forget that not only is the US doing poorly, but so is everyone else. Other countries are also feeling the burn and quite it seems difficult for this the recover in Obama's term itself. Anyway, Obama's going to need to do a lot of work within the US and with other countries for things to begin to improve
Honestly i dont think that, that many people are so ignorant (in the stock market ) to know that obama will not be president till january. I think our country in a whole has shied away from spending in preperation for a possible depression and thats why recently gas prices are like 2.30 a gallon and maybe why stock market hounds see things beging to be cheap and then optimistically spending which overall rasies stock market production. this holiday season will be economically interesting.
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